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Essay / Business or Commercial Law - 1190
Business or commercial law is a body of law that applies to the relationships, rights and conduct of people and businesses engaged in commerce and sales. Law plays an important role in any business. The law serves as a quality control. It is used as a tool to check whether the company is performing its function appropriately or not, whether it is offering good quality services or not. The rules of business law can be either an agreement, a convention, or national or international legislation, governing transactions involving people in business affairs (Washington State Grange, 2008, 1190). The law is broadly divided into two distinct parts: a) the first is the regulation of business entities by corporate laws, i.e. partnerships, agencies and bankruptcies and b) the next is regulation of commercial entities. There are a number of forms of law. business entities, which include: i) the individual entrepreneur (entrepreneur), who alone assumes and bears the risk and mandate of running a business, benefiting from the profits. This does not constitute any legal association and is therefore not regulated by any specific rules of law. ii) The other business entity is the partnership in which the members come together, collectively forming an association in which they all participate in the management of the business and together share the profits derived from the transactions carried out, together bear the responsibility of the debts of the company and are prosecuted jointly and frequently in connection with the criminal acts of the company (Watchtower et al., 2002, 150). All partners of the partnership are agents of each other and, as such, maintain a fiduciary relationship with each other. Corporate law in the United States ...... middle of paper ...... to implement reasonable care in the following step and actually The most difficult in analyzing the problems of a case is the application of the relevant rule of law to the specific facts of the case studied. In our case and as our conclusion, Quality Market is liable to Lawson for damages caused to a customer. Indeed, Market’s breach of its duty of care caused Lawson’s injuries. The law is therefore important to protect the rights of customers and also helps in running the business smoothly. Those who engage in businesses have a pre-built platform through which they can communicate smoothly with their employees and customers. This prevents the violation of the law and protects the rights of all individuals. In this regard, the law therefore serves as quality control within a company or a